Common use of Classes and Series of Units Clause in Contracts

Classes and Series of Units. Units may be divided into different classes of Units, and each class may be further divided into different series of Units (each such series being referred to in this Agreement as a "series," provided always that in the case of a class which has not been divided into two or more series, the expression "series" shall, where the context so requires, mean, for the purposes of this Agreement, the Units of such class), in the discretion of the Managing Member. In this Agreement, except when referred to under their separate classes or series or where the context otherwise requires, the term "Units" shall mean all classes and all series of each class of Units. An initial series of Units (the "Initial Series") was issued on the initial closing date. The initial purchase price per Unit for the Initial Series of Units shall be $100. The Managing Member may, at any time and from time to time, in its sole discretion, elect to raise additional capital for the Company from Members and from new subscribers on such terms and conditions as may be determined by the Managing Member in its sole discretion. Generally, a new series of Units will be issued on each date an existing Member makes an additional Capital Contribution in accordance with Section 4.02 and on each date a new Member is admitted to the Company in accordance with Section 3.03, except that the Managing Member may issue additional Units of an existing series, or Units of a new series at an initial purchase price other than $100, provided that any such issuance does not have a material adverse effect on the NAV or Prior High NAV (as defined in Section 4.05(b)(i)) of the Units of any Member. Each Unit will carry equal rights and privileges with each other Unit of the same series. Units of a class issued at the beginning of any fiscal year will be offered at the then current NAV per Unit of the Initial Series of such class if such Initial Series is at or above its Prior High NAV per Unit. If the Initial Series of such class is not at or above its Prior High NAV per Unit, Units will be issued in the next offered series of such class that is at or above its Prior High NAV. If no series of Units of such class is at or above its Prior High NAV at such time, such additional Units will be issued as a separate series of such class at a price per Unit determined by the Managing Member, in its sole discretion. Fractions of Units may be issued to one ten-thousandth of a Unit.

Classes and Series of Units. Units may be divided into different classes of Units, and each class may be further divided into different series of Units (each such series being referred to in this Agreement as a "series," provided always that in the case of a class which has not been divided into two or more series, the expression "series" shall, where the context so requires, mean, for the purposes of this Agreement, the Units of such class), in the discretion of the Managing Member. In this Agreement, except when referred to under their separate classes or series or where the context otherwise requires, the term "Units" shall mean all classes and all series of each class of Units. An initial series of Units (the "Initial Series") was issued on the initial closing date. The initial purchase price per Unit for the Initial Series of Units shall be $100. The Managing Member may, at any time and from time to time, in its sole discretion, elect to raise additional capital for the Company from Members and from new subscribers on such terms and conditions as may be determined by the Managing Member in its sole discretion. Generally, a new series of Units will be issued on each date an existing Member makes an additional Capital Contribution in accordance with Section 4.02 and on each date a new Member is admitted to the Company in accordance with Section 3.03, except that the Managing Member may issue additional Units of an existing series, or Units of a new series at an initial purchase price other than $100, provided that any such issuance does not have a material an adverse effect on the NAV or Prior High NAV (as defined in Section 4.05(b)(i)) of the Units of any Member. Each Unit will carry equal rights and privileges with each other Unit of the same series. Units of a class issued at the beginning of any fiscal year will be offered at the then current NAV per Unit of the Initial Series of such class if such Initial Series is at or above its Prior High NAV per Unit. If the Initial Series of such class is not at or above its Prior High NAV per Unit, Units will be issued in the next offered series of such class that is at or above its Prior High NAV. If no series of Units of such class is at or above its Prior High NAV at such time, such additional Units will be issued as a separate series of such class at a price per Unit determined by the Managing Member, in its sole discretion. Fractions of Units may be issued to one ten-thousandth of a Unit.